THE RECALİBRATİON OF INTERNATİONAL TRADE RULES UNDER WTO TO FURTHER ECONOMİC GROWTH: CHALLENGES AND PROSPECTS

The system of international trade governed and regulated under the auspices of World Trade Organization (WTO) was built upon the basis of the Comparative Advantage Theory developed by 19th century economist, Davit Ricardo which has been heavily debated among commentators and economists. As the theory rested its credibility on the concept of perfect markets which is hardly the case for any markets in international trade, to what extent the existing legal system under the WTO built on a highly contested theory may suffice to ensure the effectiveness and feasibility of international markets has been an open question. This paper adopts a critical analysis on the application of the comparative advantage theory to trade among nations and provides prospects and proposals that address problems and inefficiencies within the international trade system.